Estonia: Economy continues to expand vigorously in third quarter
November 11, 2011
According to the flash estimate released by Statistics Estonia (SE), GDP expanded 7.9% over the same quarter last year, which was only moderately below the 8.4% increase recorded in the second quarter. In seasonally and working-day adjusted terms, GDP rose by 0.8% quarter-on-quarter (Q2 2011: +1.7% qoq). The manufacturing sector remained the main growth driver in the third quarter. That said, according to SE, growth in the manufacturing sector decelerated and its contribution to overall GDP growth diminished in the third quarter. A more complete dataset for the national accounts will be released on 9 December 2011. This year, the Central Bank expects GDP growth to reach 6.3% before decelerating to 4.2% in 2012.